Greenworks Lending, a specialty finance company dedicated to commercial property assessed clean energy (C-PACE) announced it has closed the first securitization of its type. The securitization arranged by Guggenheim Securities with TIAA Investments (an affiliate of Nuveen) as the lead investor, will net proceeds of $75 million.
This is the first securitization of solely commercial PACE (C-PACE) assets by any lender in the nation. C-PACE programs are public-private partnerships approved at the state level. They allow for commercial properties, including industrial, retail and multifamily buildings to finance energy saving infrastructure and repay the investment through a property tax assessment. Greenworks Lending has originated C-PACE financing, better known as C-PACE assessments, in seven states across numerous industries and property types since its inception in 2015. Through its national growth and industry leadership, the young firm led by Co-founders Jessica Bailey and Alexandra Cooley anticipates being a frequent issuer in the securitization markets.
“We are pleased with the opportunity to invest in this PACE securitization,” said Chris Miller, Director, Private Investments at TIAA Investments. “We believe this investment benefits from an exclusive focus on commercial properties, property level cash flows that are senior to mortgage debt and strict underwriting criteria...."
MORE AT RENEWABLE NOW NETWORK.com
No comments:
Post a Comment